Slide 1: Investor presentation Q1 2025
Investor presentation Q1 2025 7 May 2025
Slide 2: Disclaimer
DISCLAIMER This presentation contains certain forward-looking statements which include projections of our short- and long-term financial performance and targets as well as our financial policies. Statements herein, other than statements of historical fact, regarding our future results of operations,
Slide 3: Rasmus Errboe
Rasmus Errboe
Slide 4: We are fully focused on progressing our strategic priorities
Slide 5: Q1 2025 EBITDA of DKK 8.6 bn excluding new partnerships and cancellation fees
Q12025 EBITDA of DKK 8.6 bn excluding new partnerships and cancellation fees, on track to deliver full-year guidance of DKK 25-28 bn Availability of 94 % in our offshore portfolio a significant increase compared to same quarter last year Renewable share of generation at 99% in line with 2025 target
Slide 6: Dedicated focus on executing our construction portfolio
Dedicated focus on executing our construction portfolio Offshore (8.2 GW} ‘Onshore (0.8 GW}——— Borkum Changhua Revolution Sunrise Hornsea 3/ F Riffgrund3 2bandA Wind Wind BESS Eeelhttes 2 LEI? us Capacity! 913 MW 920 MW 704 MW 924 MW ge 1,498 MW 274 MW 509 MW coD Q1 2026 H2 2025 H2 2026 H2 2027 H2 2
Slide 7: Greater Changhua 2b and 4
Greater Changhua Degree of completion ~35 %; fabrication of all foundations and 2b and 4 export cables complete; remaining array cables and turbines progressing as planned Location Taiwan During Q1, the project has progressed on fabrication of key Capacity components and started offshore constructio
Slide 8: Revolution Wind
Revolution Wind Degree of completion ~75 %, with ~80 % of the monopiles installed and nearly half of the turbines installed Location US During Q1, turbine installation and onshore substation work have Capacity progressed, and export cable has been installed 704 MW Offtake contract Nominal offtake wi
Slide 9: Sunrise Wind
Sunrise Wind Degree of completion ~35 %, with around half of the turbines fabricated and monopile fabrication progressing according to schedule Location US During Q1, work on onshore substation has continued to progress and Capacity nears completion and offshore construction activities commenced 924
Slide 10: Financial update
Financial update Trond Westlie Chief Financial Officer
Slide 11: EBITDA Q1 2024 to Q1 2025 bridge
Q1 2024 7,488 • Offshore sites 727 • Offshore Existing 206 partnerships • Other -706 incl. DEVEX Onshore 370 Bioenergy & Other 323 Other 159 Q1 2025 8,567 New partnerships 304 (onshore) EBITDA incl. new 8,871 partnerships
Slide 12: Net profit, Adjusted ROCE and GHG emissions intensity
Net profit Adjusted ROCE1 GHG emissions intensity DKKbn %, last 12 months g CO2e/kWh Scope 1-2 4.9 12.5 Scope 3 (excl. gas sales) 57 53 10.2 2.6 Q1 2024 Q1 2025 31 Mar 2024 31 Mar 2025 Q1 2024 Q1 2025 1 Net profit of DKK 4.9 bn Adjusted ROCE of 10.2 % Scope 1-3 GHG intensity decreased 7 % • Higher p
Slide 13: Net interest-bearing debt and FFO / Adjusted NIBD
Net interest-bearing debt FFO / Adjusted NIBD1 DKKbn % 13.8 13 14 0.2 68.4 -3.0 58.0 -0.6 31 Dec 2024 CFO Gross investments Divestments Other 31 Mar 2025 31 Dec 2024 31 Mar 2025 Net interest-bearing debt of DKK 68.4 bn, up DKK 10.4 bn Credit metric at 14 % • Positive operating cash flow from EBITDA
Slide 14: 2025 guidance re-iterated
2025 guidance re-iterated EBITDA EBITDA in 2025 excluding new partnership agreements and cancellation fees, is unchanged and expected to amount to DKK 25-28 billion. Impacts from discontinuing the development of Hornsea 4 in its current form is excluded from our EBITDA guidance. Gross investments Gr
Slide 15: Q&A
QEA
Slide 16: Appendix
Appendix Orsted
Slide 17: Disclosure summary
Disclosure summary Strategic ambition and financial targets Additional disclosure Year Fully loaded unlevered lifecycle spread to WACC at the time of bid/FID1 150-300 bps Gross investments DKK 210 - 230 bn 2024-2030 Group EBITDA excl. new partnerships and cancellation fees in 2026 DKK 29-33 bn Dives
Slide 18: Group – Financial highlights
Financials Group – Financial highlights Financial highlights Q1 2025 Q1 2024 FY 2024 FY 2023 EBITDA DKKm 8,871 7,488 18 % 31,959 18,717 71 % - New partnerships 304 - n.a. (127) 4,324 n.a. - Cancellation fees - - n.a. 7,335 (9,621) n.a. EBITDA excl. new partnerships and 8,567 7,488 14 % 24,751 24
Slide 19: Offshore – Financial highlights
Financials Offshore – Financial highlights Financial highlights Q1 2025 Q1 2024 FY 2024 FY 2023 EBITDA1 DKKm 6,310 6,083 4% 26,470 13,817 92 % • Sites, O&Ms and PPAs 7,655 6,928 10 % 23,819 20,207 18 % • Construction agreements and divestment gains (77) (283) (73 %) (1,065) 5,218 n.a. Wind speed
Slide 20: Onshore – Financial highlights
Financials Onshore – Financial highlights Financial highlights Q1 2025 Q1 2024 FY 2024 FY 2023 EBITDA DKKm 1,490 816 83 % 3,863 2,970 30 % • Sites, incl. tax credits 1,416 1,046 35 % 4,650 3,824 22 % • Divestment gains / (loss) 304 - n.a. (88) - n.a. Wind speeds, m/s • Other, incl. project devel
Slide 21: Bioenergy & Other – Financial highlights
Financials Bioenergy & Other – Financial highlights Financial highlights Q1 2025 Q1 2024 FY 2024 FY 2023 EBITDA DKKm 757 434 74 % 1,082 1,523 (29 %) • CHP plants 734 587 25 % 1,248 1,218 2% • Gas Markets & Infrastructure 210 (79) n.a. 249 558 (55 %) • Other, incl. project development (187) (74)
Slide 22: Impairments
Financials Impairments Q1 2025, DKKm Sensitivity impact, DKKbn Net impairment reversal of DKK 0.3bn Impairment No 10 % 10 % ITC losses Recoverable ITC bonus bonus + 50 bps - 50 bps • CGUs1 (reversals) amount credits2 credits2 WACC WACC • Sunrise Wind 289 7,589 (3.9) 0.2 (1.5) 1.5 Revolution (62) 6,9
Slide 23: Capital employed and liquidity reserve
Financials Capital employed and liquidity reserve Capital employed Liquidity reserve Capital employed, DKKm DKKbn Q1 2025 Q1 2024 Intangible assets, and property and equipment 206,068 191,318 76.0 75.5 Equity investments and non-current receivables 1,403 1,031 Net working capital, capital expenditur
Slide 24: FFO/Adjusted net debt calculation
Financials FFO/Adjusted net debt calculation Funds from operations (FFO) LTM, DKKm 31 Mar 2025 31 Mar 2024 EBITDA 33,342 19,295 Change in provisions and other adjustments (10,724) 6,803 Change in derivatives (794) (122) Variation margin (add back) (934) (5,718) Reversal of gain (loss) on divestment
Slide 25: EU Taxonomy KPIs
Financials EU Taxonomy KPIs Unit Q1 2025 Q1 2024 Revenue (turnover) Taxonomy-aligned revenue (turnover) % 88 91 (3 %p) - Electricity generation from solar PV and storage of electricity % 1 1 0 %p - Electricity generation from wind power % 72 75 (3 %p) - Cogeneration of heat and power from bioenerg
Slide 26: Key financial exposures from revenues in 2025-2030
Financials Key financial exposures from revenues in 2025-2030 Inflation-indexed revenue Fixed nominal revenue Merchant revenue 15% 35% 50% • Prioritize inflation-indexed revenue • Fixed-rate debt used to de-risk fixed • Remaining short-term merchant to protect against cost inflation and nominal reve
Slide 27: Risk management of interest rate- and inflation risk
Financials Risk management of interest rate- and inflation risk Fixed-rate debt and hedges used to protect fixed Net inflation-linked operational cash flows in the period nominal cash flows against interest rate increases 2025-2030 protect against cost inflation ~60% matched ~50% matched Present val
Slide 28: Merchant exposure and currency exposure
Financials Merchant exposure 2025-2027 Currency exposure Q2 2025 – Q1 2030 DKKbn DKKbn Before hedging Before hedging After hedging via as-produced PPAs and traded markets After hedging 60.7 29.1 15.9 4.2 3.7 15.9 16.2 18.3 14.0 0.0 -0.6 -0.9 -0.9 Power Gas Oil Spread -4.6 GBP USD2 NTD Risk after hed
Slide 29: Debt and hybrids overview
Financials Debt and hybrids overview Effective funding costs – Gross debt1 Maturity profile of notionals of gross debt1 31. March 2025, DKKbn 31. March 2025, DKKbn >90 % of gross debt1 (bond and bank debt) fixed interest 35.5 rate. Remainder floating or inflation-linked Bank debt1 3.3% 3.3% 3.3% 3.4
Slide 30: Hybrid capital in short
Financials Hybrid capital in short Hybrid capital can broadly be defined as funding Due to hybrid’s equity-like features, rating Accounting treatment instruments that combine features of debt and agencies assign equity content to the hybrids equity in a cost-efficient manner: when calculating centra
Slide 31: Green bonds overview
Financials Outstanding Fixed/Floating Green Allocated to green Avoided emissions (thousand Bond Type Issue date Maturity Face Value Coupon Coupon payments amount rate bond projects (DKKm) tons CO2/year) Senior Unsecured Nov. 2017 26 Nov. 2029 EUR 750m EUR 750m Fixed 1.5% Every 26 Nov. Yes 5,499 541
Slide 32: Renewable capacity as of 31 March 2025
Build-out & market development Renewable capacity as of 31 March 2025 Indicator, MW Q1 2025 Q1 2024 Δ 2024 Installed renewable capacity Installed renewable capacity The installed renewable capacity is calculated as 18,473 15,740 2,733 18,170 renewable capacity installed by Ørsted accumulated Offshor
Slide 33: Installed capacity build-up
Installed capacity build-up Notes: 1. 600 MWh for BESS (battery energy storage system). 2. Includes Baltica 3 (1,045 MW) and the awarded lease capacity for Baltica 2+ (210 MW). Baltica 2+ has 33 not received a CfD.
Slide 34: Installed capacity build-up
Installed capacity build-up Notes: 1. Bahren West II 61.6 MW, St. Wendel 17 MW, Rottenegg 6.3 MW and Hatzenhof 9.5 MW. 2. Garreenleen Phase 1 81 MWAC , Farranrory 43.2 MW and Ballinrea 34 55 MWAC.
Slide 35: Build-out & market development
| Build-out & market development Significant offshore wind capacity expected to be auctioned in 2025/2026 Upcoming auctions and tenders 2025 Massachusetts 5 ‘Awards expected New York 5 Under review Danish tender 2026 Australian tender 2,000 MW Sey aims 2025 CfD ART 2025 ORESS 2.1 900 MW PS a, 2026 K
Slide 36: ESG Performance
ESG ESG Performance Total heat and power generation, Q1 2025 Greenhouse gas emissions intensity Gender balance Energy source, % CO2e/kWh %, women/men Scope 1-3 (excl. natural gas sales) Total workforce Scope 1-2 2030 40/60 Offshore wind 38 Science- based 2024 34/66 Sustainable targets1 31 biomass 20
Slide 37: Industry-leading sustainability initiatives
ESG Ørsted has been ranked the most sustainable energy company in the world by Corporate Knights’ 2025 Global 100 index. Industry-leading sustainability initiatives ESG rating performance Decarbonisation We continue working towards our science-based net-zero target by 2040 (scope 1-3). Key initiativ
Slide 38: Globally recognised sustainability leader
ESG GLOBALLY RECOGNISED SUSTAINABILITY LEADER Ørsted’s strategic aspiration is STRATEGIC PRIORITIES to be the world’s leading green energy major. A key pillar in this aspiration is to be DECARBONISATION BIODIVERSITY COMMUNITY IMPACT a globally recognised sustainability leader. Reduce all GHG emissio
Slide 39: Investor Relations contacts
Rasmus Hærvig Henriette Stenderup Head of Investor Relations Investor Relations Coordinator rakol@orsted.com hnste@orsted.com Valdemar Høgh Andersen Christopher Glaf Stenhammer Associate Lead IRO Senior IRO vehan@orsted.com chgst@orsted.com